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Proposal Text
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BONDING PROPOSAL Shall Bangor Public Schools, Van Buren County, Michigan, borrow the sum of not to exceed Eleven Million Nine Hundred Sixty-Five Thousand Dollars ($11,965,000) and issue its general obligation unlimited tax bonds therefor, for the purpose of: partially remodeling, furnishing and refurnishing, equipping and re-equipping the Bangor Primary Building and the Middle/High School; constructing additional lecture space for the existing science labs at the High School; acquiring, installing and equipping instructional technology for school facilities; constructing, equipping, developing and improving athletic/physical education facilities and play fields and improving a playground; and developing and improving sites? The following is for informational purposes only: The estimated millage that will be levied for the proposed bonds in 2009 is 3.63 mills ($3.63 on each $1,000 of taxable valuation). The maximum number of years the bonds may be outstanding, exclusive of any refunding, will not exceed twenty-five (25) years. The estimated simple average annual millage anticipated to be required to retire this bond debt is 3.59 mills ($3.59 on each $1,000 of taxable valuation). If the school district borrows from the State to pay debt service on the bonds, the school district may be required to continue to levy mills beyond the term of the bonds to repay the State. (Pursuant to State law, expenditure of bond proceeds must be audited, and the proceeds cannot be used for repair or maintenance costs, teacher, administrator or employee salaries, or other operating expenses.)
